Allianz Real Estate’s latest €230m debt deal has lifted the manager’s debt fund’s deployed capital to €1.5bn.

Allianz said it has refinanced, as sole lender, existing debt for Gropius Passagen shopping centre in Berlin for a seven-year term.

Nuveen Real Estate owns 80% of the property via a joint venture together with Unibail Rodamco Westfield.

Roland Fuchs, head of European debt at Allianz Real Estate, said: “Our European debt portfolio continues to grow strongly, driven by our focus on prime assets and partners in tier 1 locations in Europe.

“We are encouraged by the rapid growth of our debt fund and the direct, simplified access it gives our clients to prime European real estate debt. It has quickly become an established investment vehicle as underscored by its rapid asset under management growth to €1.5bn.”